• KDI Journal of Economic Policy
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• v.32 no.3
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• pp.1-32
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• 2010

The global financial crisis has exerted enormous impacts on the attainment of inflation target in Korea. The annual average CPI inflation was 3.3% during the targeting period of 2007-2009 and the target was $3.0{\pm}0.5%$. Thus Korea has succeeded in keeping annual average CPI inflation just below the upper limit of the 2007-2009 target under the global crisis. This paper intends to evaluate the performance of the inflation targeting system in Korea. First, it estimates the conventional call rate reaction equation under the global crisis and finds that the policy interest rates never reacted to expected inflation, output gap, and won/dollar exchange rate, as expected by theory. Second, it identifies the shock of global financial crisis into core and non-core, applying the structural VAR model. The core shock was defined to have no (medium- to) long-run impact on real output. The core shock was identified to have the character of the demand shock, since it has the positive impact on the inflation and output in the short run. The structural core inflation due to core shock was an attractor of headline inflation, not vice versa. Therefore, the structural core inflation that reflects the demand-side shock would be the better intermediate target for the final headline inflation target than the official core inflation that excludes the volatile inflation of agricultural and oil-related products. During the inflation targeting period of 2007-2009, the structural core inflation was more volatile than the official core inflation, because the global crisis has very large negative impacts on the domestic demand as well as the prices of agricultural and oil-related products. This paper shows that the negative core shock during the fourth quarter of 2008 was larger than that in the financial crisis in 1998. But the core shock turned into positive very quickly in 2009, as the Korean economy recovered very quickly from crisis. The volatile changes in structural core inflation suggests that the Bank of Korea barely managed to attain the 2007-2009 inflation target, owing to the very large negative impacts of the global financial crisis on the domestic demand. It also suggests that the rapid rise in core inflation with the rapid recovery of the Korean economy will lead to rapid rise in headline inflation.

• Korean journal of communication and information
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• v.44
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• pp.144-179
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• 2008

This paper explores the formation of global responsibility discourses in the elite US media used in promoting NATO's military interventions in the post-Cold War era. The case study of global responsibility discourses surrounding the Bosnian War (1992-1995) and the Kosovo Conflict (1998-1999) offers an account of the roles of the elite US media in foreign policy. The construction and articulation of global responsibility discourses in the elite US media were closely related to the US government's policy and were formed within the framework of US national interest and domestic responsibility. The cases of military intervention in the post-Cold War period imply that there were more fundamental structure and patterns by which the elite US media approached the 'humanitarian crises': 'benevolent domination' and the subsequent construction of a 'melodramatic national identity' in the war narratives. Presuming that the elite US media's discourse is a primary site for the public for experiencing and understanding distant suffering, this paper concludes that global responsibility discourses within the media may have dangerous ramifications for global democracy because the discourse of responsibility can potentially absorb the creative, progressive energies created by the public's awareness of responsibility on a global scale in order to reinforce the relations of domination.

• Journal of the Korean Geographical Society
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• v.51 no.5
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• pp.667-690
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• 2016

This paper reviews the evolution process of global production network(GPN) discourse, from its origin to the recent theorization, namely GPN 2.0. In so doing, the discursive formation of global production networks is introduced in comparison with a competing discourse global commodity/value chains, with particular attention to conceptual and analytical lacunae in the latter. This article also outlines how the global production network perspective has become a useful discursive and practical tool that allows the examination of the nexus of global economy, transnational corporations, and regional development. Subsequently, a theoretical dearth in the approach is discussed in reference to key critiques, and in this context Yeung and Coe's recent theorization GPN 2.0, which is centered on casual mechanisms and network configurations is reviewed. This paper suggests that the theory adequately addresses the problem of casuality lacking in its precedented conceptual framework, and that it helps exploring the formation and evolution processes of varied production networks(including intrafirm coordination, interfirm control, strategic partnership, and extrafirm bargaining) in connection with competitive dynamics and risky environments. As a result of the theorization, the difference between GPN and the chain approaches has become more apparent, and the idea of extrafirm bargaining is particularly important in the differentiation. Extrafirm bargaining is seen to be a comprehensive networking form inclusive of such GPN 1.0 analytical concepts as value, embeddeness, and power, and research attentive to, and engaging with, the extrafirm networks is expected to help transcending the chain governance approaches' analytical excess of interfirm linkages and industry-centeredness.

• International Commerce and Information Review
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• v.14 no.4
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• pp.89-107
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• 2012

Recently, the successful appointment of the general directorate of GCF (Green Climate Fund) in Songdo of Korea made a great history for the golden triangle with GGGI (global Green Growth Institute) and GTC (Green Technology Center). Now, Korea became the Mecca for the global green growth and it gave a great opportunity foe the Korea to lead the global economy in the future. However, to successfully manage the GCF, the Korean government should show their willingness as well as the readiness for the green prowth and green productivity. It is really hard for the Korea, since it takes the second rank for the growth rate of carbon dioxide emission in the world. To overcome this shameful status, it should make the best effort to promote the green productivity, especially in a field of logistics industry, because it takes 21% of global CO2 emission, the second largest portion. The research aims to systematically introduce the Global Malmquist-Luenberger Index (GML) and to evaluate the logistics industry of Korea based on the GML approach. It concludes the innovative technology is utmost important to improve the green productivity of the logistics industry and thus the Korean government should make more aggressive role to fill this missing link in the innovation network.

• International Commerce and Information Review
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• v.16 no.2
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• pp.47-67
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• 2014

Since the global financial crisis, criticism against the integrity of financial institutions proposed new financial regulations such as Basel III. These systems are expected to have impacts multilaterally on management and structure of mid- and long-term financial industry. It is also believed that financial institutions will inevitably review business model to respond to these enhanced regulations. The ongoing global financial regulation pursues regulation scope extension, introduction of global regulatory capital system, introduction of global liquidity, etc. As for quantitative index, Basel Committee on Banking Supervision is promoting QIS which is discussed mainly on implementation time from the juridical point of view. This study aims to present domestic banking industry's structural changes depending on regulation enhancement of foreign countries after global financial crisis, and suggest strategy that improves competitiveness of products. Looking at the research result, global financial regulation requires compliance with the regulations through treaties but it shows negative time center around banks. Furthermore, it is also pointed out financially advanced countries' passive attitude on regulation enhancement is problem. Therefore, regulations differentiated between developing and developed countries, dualistic regulations on financial industry, participation of advanced nations, etc are the postulation to change the structure of financial industry.

• Environmental and Resource Economics Review
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• v.18 no.4
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• pp.587-635
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• 2009

The purpose of this study is to develop the Global Dynamic Computable General Equilibrium Model (Global CGE Model) in order to produce an economic impact analysis, including prospective obligations for the Post-2012 regime. This model explores the impact of an international emissions trading market and macroeconomic variables such as GNP, consumption, investment, imports and exports, in accordance with potential increased obligations on the Republic of Korea. Distinguishing it from existing studies, this Global CGE Model divides the global community into major economic groups, and in the capacity of the analyzed global model, reflecting the principle nations' macroeconomic indicators through the theoretical approach of endogenous growth theory. Policies such as an emissions trading scheme and carbon tax are reflected in the model. Also, in particular, the model reflects exogenous technological advances. According to this analysis, the stronger the greenhouse gas reductions, the greater the adverse effects on the economy; among macroeconomic indicators that appear, a significant decline is realized in the balance of trade, along with a significant decrease in investment and consumption. Energy dependence, in particular, plays a large role-varying in degree by industry type-, as greenhouse gas reductions would have a greater impact on energy-intensive industries. Furthermore, if Korea, currently recognized as a developing country, is given the obligation to reduce greenhouse gas emissions, competing countries such as China and other developing countries will be given an advantage.

• Cartoon and Animation Studies
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• s.36
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• pp.493-510
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• 2014

From game consoles to TV and Hollywood films, 3D rendering technology is involved in various fields. Up until the late 90s, the computer image rendering method was rasterization that mainly used Phong Shading, and up until recently it was the go-to method for movies and film animation. In the 21st century, the quality provided by Ray Tracing and the development of Global Illumination was much more realistic and thus became popularized. However, despite its growing use in architectural rendering to the markets, Global Illumination in film animation and movies was limited due to its long render time. So, in this thesis, if one were to take the concept from each rendering method and consider it from a mathematical perspective, one could adapt the Ambient Occlusion's equation to the illumination loop equation used in rasterization. This algorithm modification has the capability to reflect the lighting of a diverse array of colors, like in Global Illumination, with a fast render time, as in rasterization, and the example RenderMan Shader is based upon this new algorithm. In conclusion, with Global Illumination's naturalistic lighting and rasterization's rendering speed, the combination of the best points of each is a new method with a short rendering time while producing good quality. I hope animations and films can benefit from this algorithm by the reduction of budget with an overall better quality output in VFX production.

• Journal of Korea Trade
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• v.24 no.8
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• pp.153-170
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• 2020

Purpose - As the US-China trade war intensifies and lasts long time, there is growing concern about its potential effects on the global economy. In particular, for the countries like Korea that have a large economic dependence on the economy of the two countries, the US-China trade war may have a great repercussion in many ways. The aim of this paper is to investigate the global productivity and market structure implications of the US-China trade war for Korea, as well as for other surrounding countries and regions. Design/methodology - In this paper, we develop a full multi-country/region multi-sector computable general equilibrium (CGE) model of global trade incorporating heterogeneous workers and firms in individual skill levels and used technologies. We then calibrate the model using a global Social Accounting Matrix (SAM) dataset extracted from the recently released GTAP 10 Database, and assess the potential effects of the US-China trade war on the aggregate real productivity and the market structure for Korea, as well as for other surrounding countries and regions. Findings - We show that the US-China trade war may largely affect the aggregate productivity in each sector in each country/region, as well as the global market structure through entry and exit of firms, which results finally in considerable changes in the industrial comparative advantage of each country/region. Though the effects are diverse sector by sector, the results show that Korea may also be affected significantly: concerning the real productivity implications, it is shown that the machinery industry may be affected the most negatively; on the other hand, it is shown that the number of exporting firms may decrease the most in the other transports industry. Originality/value - As the US-China trade war intensifies, many studies have tried to estimate the possible implications, and for this usually the CGE models have largely been used as the standard tool for evaluating the impacts of changes in trade policies. Standard CGE models, however, cannot be used to assess the global productivity and market structure implications due to the symmetric and simplified base assumptions. This paper is the first to analyze and quantify the possible impacts of the US-China trade war on the aggregate productivity and global market structure using a CGE model incorporating endogenous skill-technology assignment of heterogeneous workers and firms.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3087-3099
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• 2018

Due to the constant changes of companies' global networks, the expansion of global e-commerce as well as the market-oriented global supply chain management, global enterprises are strategically selecting and entering into viable countries able to become global footholds. Therefore, this study aims to scrutinize the trend of changes in the global networks of Korean companies by analyzing the current overseas countries over the past decade. From the analysis, it has been found that there is a significant difference in the priorities of targeting countries among shipping, manufacturing and logistics companies. Logistics companies preferred to enter Germany first while they attached to a lower priority to Singapore. Manufacturing companies had a lower priority to advance to India, while they preferred to advance to Mexico; however, shipping companies were analyzed to prefer to enter the US. In addition, all of these companies identified the importance of securing volume and network by entering overseas markets to achieve economies of scale and scope and to maintain global competitiveness. Joint overseas expansion of manufacturers with shipping and logistics companies can be recommended to facilitate the entry and thus, enhance global competitiveness and service capabilities and also secure new growth engines.

• Asia Marketing Journal
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• v.13 no.4
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• pp.253-264
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• 2012

A growing number of Korean companies are trying to expand their business area into global market due to saturation in the Korean domestic market. Home shopping industry arriving on mature stage is faced with less growth recently. CJ O Shopping which is a top ranked home shopping company in Korea, has been showing meaningful performances by earlier moving to global market with thorough preparations. CJ O Shopping's global marketing strategy focused on asian countries including China, India, Vietnam, and Japan is going successfully, which enables top ranked on-line retailing company in asia as well as in Korea. CJ O Shopping effectively penetrated into overseas market with both core competence based on Korean home shopping model and rigorous preliminary study on target market. Especially shoppertainment (Shopping+Entertainment) that is unique feature of globally competitive Korean home shopping created huge differentiations in target market. Also choosing the influential local partner, sharing the business goals, and building the joint venture could make stable operations, thereby easily earning of well-established awareness from target consumers. A step ahead entry of competitors and intensive localization of CJ O Shopping's core competence for arriving safe in target market were additional key factors for global marketing success. We can extract above key factors for success as implications of case study on CJ O Shopping's global marketing, and expect those factors to be spread into lots of Korean companies and utilized as successful strategies for global marketing.